Cashing in on SpaceX: ‘Every chance I get, I’ll sell a little more’
Andre Lavoie, an early SpaceX engineer who joined in 2009, says he plans to gradually sell his stake in the company after 17 years of accumulating stock now worth around $23m. His comments highlight a wider pattern following SpaceX's Nasdaq listing in June, the largest IPO in history, which valued the company at more than $2 trillion and reportedly turned around 4,400 employees into millionaires, including staff on production lines.
SpaceX shares are being released in stages rather than all at once, with the first 20% unlocked on 6 August and further batches due later in the year. The listing briefly made founder Elon Musk the world's first trillionaire before his fortune dipped back below that mark. In its first results as a public company, SpaceX reported quarterly revenue nearly doubling to $7.8bn but spending ballooning to $18.3bn, leaving a net loss of $143m for the quarter and $2bn for the first half of the year; shares fell after the results amid broader investor concern over AI-related spending, while some analysts warn the firm's valuation and ties to xAI carry significant risk.
- Early SpaceX engineer plans to sell stock gradually after IPO windfall
- SpaceX IPO reportedly made about 4,400 employees millionaires
- SpaceX posted revenue growth but a net loss; shares fell on AI spending fears
New here? Start with this
Andre Lavoie is one of SpaceX's earliest engineers, having joined the rocket and satellite company back in 2009. He's now speaking publicly about his plan to sell down the stock he built up over 17 years, which is reportedly worth about $23m. His situation reflects a broader pattern among SpaceX staff following the company's stock market listing.
SpaceX, led by Elon Musk, floated on the Nasdaq stock exchange in June in what was the largest ever initial public offering, valuing the company at more than $2 trillion. That listing is reported to have turned thousands of employees, including factory workers as well as engineers, into millionaires on paper, though the shares are being unlocked for sale in stages rather than all at once.
This matters because it shows how the huge sums involved in SpaceX's rise, driven by rockets, satellites and its Starlink internet service, are now filtering down to ordinary staff rather than just its founder. It also raises questions about what happens as more employees become free to sell their shares, and about how the company performs financially now that it must report its results publicly.